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Posted: April 16, 2008
nCoat Can't Pay Its Auditors - Further Delays Annual Report Filing
(Nanowerk News) nCoat, Inc. (OTCBB: NCOA), today announced that the filing of its Annual Report on Form 10-K for the year ended December 31, 2007, which had been extended to April 15, 2008, through the filing of a Form 12b-25 (Notification of Late Filing) with the Securities and Exchange Commission, will be delayed further. This announcement is being made to assure our investors and other interested parties that the Company intents to file the required report as soon as practicable upon the completion of the required financial auditing process.
The Company's reported liquidity issues have prevented the Company from being able to pay its independent auditors for their previous services, and until the Company can do so, the independent auditors cannot begin auditing the Company's financial statements. The Company is working to meet its obligations to the independent auditors, and intends to file the Annual Report, together with the audited financial statements and audit report, as soon as practical following completion of the financial audit.
nCoat, Inc., is an emerging nanotechnology company with nano-formulated and traditional coatings. We develop and market coatings applied to metal, ceramics, fabric, and other materials. The Company specializes in nanotechnology research, commercialization, licensing, and distribution, and through its subsidiary companies develops and distributes commercially viable proprietary nanotechnology and traditional coating products.